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Parking Management Market – Worldwide Market Forecasts and Analysis (2013 – 2018)
Parking management is one of the major trends in smart transportation solutions. The parking management systems are capable of managing end-to-end business operation of the parking site owners while providing high level of comfort to the vehicle drivers. Today’s intelligent parking management systems enable the parking spots operators to offer their customers high level of parking conveniences such as minimal time wastage, cashless and contactless payment options, enhanced vehicle security, and options for pre-booking parking spots. The parking management systems are also useful for ensuring security through vehicle and cargo surveillance, vehicle registration, and dynamic parking tariff management.
The demand for parking management is increasing majorly due to the need for smooth traffic flow, decreasing hardware and connectivity costs, and business operational benefits to the parking site operators. The parking management system is proving to be extremely beneficial for the parking site operators through automating and smartening the parking site administration functions and business operations by providing solutions such as access control, revenue management, parking enforcement and permit management, security and surveillance, automated valet parking, and parking guidance and slot management. Parking operators using traditional parking management processes have to suffer from the loss of 5% caused by employee pilferages and customer fraud; and this loss can be prevented with the aid of intelligent parking management system. With the aid of proper parking management, traffic congestion can be reduced up to 30%. These advantages are making parking management system an integral element of the parking site operators’ business. The ongoing and upcoming smart city projects worldwide are creating business opportunities for smart parking management systems.
License Plate Recognition (LPR)-based technologies are gaining high popularity in the parking management sector. The major LPR-based parking management solutions such as Automatic Vehicle Identification (AVI) and Pay-by-Plate are expected to experience high adoption rate reducing the market share of the traditional technologies used in parking access control and revenue management. The LPR-based AVI and Pay-by-Plate solutions are expected to grow with a Compound Annual Growth Rates (CAGRs) of 30.1% and 23.9% respectively, from 2013 to 2018.
North American market is expected to project the largest market opportunity for parking management systems and solutions, at an estimated market share of 36.22% of the overall market. North America and Europe together are estimated to account for 67.25% of the global market in 2013. Asia Pacific (APAC) is expected to exhibit the highest growth rate in the parking management market revenue out of the various regional markets. In the current scenario, the corporate and commercial parks vertical continues to be the largest industry vertical, in terms of spending and adoption, for parking management solutions. This is followed by Banking, Financial Services, and Insurance (BFSI) and retail industries. Parking fee and revenue management holds the highest revenue-generating potential among the various parking management solutions, and parking enforcement management is expected to exhibit high growth rate in market revenues.
MarketsandMarkets has highlighted these key findings from its latest research report. The "Parking Management Market (Access Control, Security and Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Enforcement and Permit Management, Guidance and Slot Management): Worldwide Market Forecasts and Analysis (2013 – 2018)" report is now for sale.
The report provides an overview of drivers, restraints, and opportunities that impact this market. It also segments and forecasts the overall parking management market in terms of verticals, applications, and regions.
Parking Management Market (Access Control, Security and Surveillance, Revenue Management, Reservation Management, Valet Management, Enforcement and Permit Management, Guidance and Slot Management) Worldwide Market Forecasts & Analysis (2013 – 2018)
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